The college student and his uncle held a stake in a small pharmaceutical company called Mind Medicine, which surged as much as 78% in intraday trading on Thursday after a flood of retail investor money flowed into the stock. At $1.26, it closed up 36.18% at $1.02, and rose nearly 16% to $1.18 after hours.
It was previously reported that Jake Freeman, a 20-year-old college student majoring in applied mathematics and economics at the University of Southern California, traded at nearly $5.50 a share when 3B Home’s stock price plummeted in July this year. Buy 5.5 million shares of the company.
On Tuesday, Freeman sold more than $130 million worth of shares as the stock surged. Such a god-like operation of buying at lows and throwing at highs made him earn $110 million, and the timing of selling was “just right”.
Freeman’s LinkedIn profile lists his internship at Volaris Capital Management in New Jersey. Volaris is a company that specializes in a variety of options trading strategies.
The article also revealed that Freeman held an activist stake in Mind Medicine through an asset management firm run by Freeman’s uncle, former pharma executive Scott Freeman. guide. Together, they hold 19 million shares of Mind Medicine, or 4.5% of the company.
Jack Freeman told the media that he intends to have a “constructive conversation” with the pharmaceutical company about improving operations. His uncle’s Freeman Capital Management wrote to Mind Medicine last week to discuss possible new strategies in the business.
Mind Medicine develops drugs that use “hallucinogens and other novel compounds” for psychiatric treatment. The company, which is not yet profitable, posted a net loss of $93 million last year, company filings show.